The OECD has published updated consolidated guidance for tax administrations and MNE Groups on the implementation of country by country (CBC) reporting (BEPS Action 13). The additional guidance clarifies:
several interpretation issues related to the data to be included in the CBC report; and
the application of the model legislation contained in the Action 13 report, to assist jurisdictions with the introduction of consistent domestic rules
The guidance covers five new specific areas:
the definition of revenues;
the accounting principles/standards for determining the existence of and membership in a group;
the definition of total consolidated group revenue;
the treatment of major shareholdings; and
the definition of related party for purposes of completing table 1 of the CBC report.
The OECD has published updated consolidated guidance for tax administrations and MNE Groups on the implementation of country by country (CBC) reporting (BEPS Action 13). The additional guidance clarifies:
several interpretation issues related to the data to be included in the CBC report; and
the application of the model legislation contained in the Action 13 report, to assist jurisdictions with the introduction of consistent domestic rules
The guidance covers five new specific areas:
the definition of revenues;
the accounting principles/standards for determining the existence of and membership in a group;
the definition of total consolidated group revenue;
the treatment of major shareholdings; and
the definition of related party for purposes of completing table 1 of the CBC report.
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